Loans without collateral

In the past, obtaining loans without collateral was challenging, primarily because commercial banks were the main reliable source. However, this landscape has transformed significantly.

Commercial banks have modernised their services, now offering collateral-free loans through online platforms. These loans come in various categories with different specifications, allowing borrowers to choose based on individual needs.

The process has become accessible to virtually anyone requiring only personal details and bank information such as a Bank Verification Number (BVN). Technological advancements enable online lenders to analyse requests using algorithms and perform necessary calculations without requiring physical collateral.

General Requirements

For individuals:

• Bank Verification Number (BVN)
• Passport photograph
• Address
• Salary account, pension account or tax ID
• Employment letter

For SMEs/Business:

• A copy of passport photograph
• A means of identification (driver's license, international passport, national passport)
• Last six-month bank statement of account
• Certificate of incorporation
• Memorandum of association
• Post-dated NUBAN cheques
• A suitable guarantor (employment letter, undated NUBAN cheque, staff ID, guarantor form)

Benefits of Loans Without Collateral

• Accessibility to most applicants
• Minimal risk — no assets put at stake
• Fast, reliable, instant online processing
• Reduced concerns about losing assets